The Treasury Department and Internal Revenue Service on February 7, 2018, released the second quarter update to the 2017-2018 Priority Guidance Plan, which reflects additional projects that have become near-term priorities as a result of the Tax Cuts and Jobs Act (TCJA) enacted in December.

Under the Section on initial implementation of the TCJA, the Plan lists:

1. Guidance on certain issues related to the business credit under Section 45S with respect to wages paid to qualifying employees during family and medical leave

2. Guidance under Sections 101 and 1016 and new Section 6050Y regarding reportable policy sales of life insurance contracts

3. Guidance under Section 162(m) regarding the application of the effective date provisions to the elimination of the exceptions for commissions and performance-based compensation from the definition of compensation subject to the deduction limit

4. Guidance under Section 162(f) and new Section 6050X

5. Computational, definitional, and other guidance under new Section 163(j)

6. Guidance on new Section 168(k)

7. Computational, definitional, and anti-avoidance guidance under new Section 199A

8. Guidance adopting new small business accounting method changes under Sections 263A, 448, 460, and 471.

9. Definitional and other guidance under new Section 451(b) and (c)

10. Guidance on computation of unrelated business taxable income for separate trades or businesses under new n 512(a)(6)

11. Guidance implementing changes to Section 529

12. Guidance implementing new Section 965 and other international sections of the TCJA

13. Guidance implementing changes to Section 1361 regarding electing small business trusts

14. Guidance regarding Opportunity Zones under Sections 1400Z-1 and 1400Z-2

15. Guidance under new Section 1446(f) for dispositions of certain partnership interests

16. Guidance on computation of estate and gift taxes to reflect changes in the basic exclusion amount

17. Guidance regarding withholding under Sections 3402 and 3405 and optional flat rate withholding

18. Guidance on certain issues relating to the excise tax on excess remuneration paid by "applicable tax-exempt organizations" under Section 4960

The Plan also lists projects unrelated to the TCJA. IRS said they may further update the 2017-2018 plan during the plan year "to reflect additional items that have become priorities and guidance that we have published during the plan year."

The Plan is attached.

———————————————

———————————————
ATTACHMENT

Priority Guidance Plan